OPENDOOR SHUTS INDIA OPS, CUTS 250 JOBS FOR AI TEAMS
■ AI-SUMMARIZED FROM 2 SOURCES ▸ TIMELINE
Opendoor is closing its India operations and laying off nearly 250 employees as part of a shift toward AI-enabled teams in the US. The real estate tech company will consolidate operations domestically with smaller, automation-focused groups.
■ MORE FROM THE STARTUPS DESK
Ellis AI, a startup building AI tools for private credit managers, emerged from stealth Thursday with $10 million in seed funding. The company is led by repeat founder Ryan Williams.
Also, the e-bike startup spun off from Rivian, is finally shipping its TM-B model after extended delays. The company plans to expand into four-wheel cargo vehicles for Amazon.
Research from Imperial College London and Emlyon Business School reveals that venture capital-backed founders engage in fraud at higher rates than their peers. The study examines how investor pressure and incentive structures fuel fraudulent behavior in Silicon Valley.
Index Ventures has closed $2 billion in new capital across a $900M venture fund, a $400M seed fund, and a $700M addition to its 2024 growth fund. The funding positions the firm to invest across early-stage and growth-stage startups.